Waverly Owners Reorganize

IMG_0192a Back in the late 80’s one of Cary’s newest marquis corners was developed into one of the country’s most unusual strip shopping centers. Waverly Place, with its curvy, two-level, X-shaped design offered the growing south Cary area a nice grocery store, movie theaters, many restaurants, and plenty of high quality retail. It’s design was reminiscent of a resort center because it contained fountains, escalators, and bronze sculptures. Unfortunately the design was too daring. Across the street a competing center anchored by a Wal-Mart opened and took Waverly’s Harris Teeter. The incredibly boring, single unbroken strip design was far easier to navigate, and the public flocked.

IMG_0193 Waverly became a ghost town until developers Zapolski and Rudd took over the site. Their solution: a total reorganization fostered razing half of the center. The Site Plan (.PDF) calls for keeping the northern fourth of the “X”, but the hub, southern half of the X, grocery store, and Red, Hot, & Blue outparcel will be demolished and replaced by a plethora of buildings. Whole Foods will move to a new, free-standing store where R&HB once was. The hub area will be replaced by an 8-story hotel, and an 8-story office or condo building will neighbor. About 65 condo units will replace the existing Whole Foods site.

The developer’s site for Waverly recently was pulled, however, due to a reorganization of the Zapolski & Rudd company. According to the website,”Mr. Rudd and his team will focus on management of, and investment in, assets primarily located in California under the name of Rudd Properties, LLC , while Mr. Zapolski and his team will focus primarily on assets located in North Carolina under the name of Zapolski Real Estate, LLC .” Rudd’s website shows that they still own two outparcels at Waverly: buildings housing Bank of America and Chick-Fil-A.

IMG_0190 Why is this interesting? The western-based company is Rudd Properties…as in Leslie Rudd …as in, the owner of Dean & DeLuca . It’s been hypothesized that if D&D were going to enter the Triangle market, that Waverly would be a logical place given that Rudd had a direct interest in the center. He still may be a chief investor, though, so it wouldn’t be out of the question once Dean & DeLuca decides to get in the growing mood. Current sites were selected based strongly on Rudd’s background, backyard, best friends, and family. (so don’t let any Charlotte people con you into believing that Charlotte was some superior site when D&D looked outside of America’s major markets. It had everything to do with where Rudd wanted to go and write it off). The Waverly connection is not “news” per se, but it’s at least a little nugget to keep in your mind as this project progresses toward naming retailers.

Hopefully Dean & DeLuca will get in the growing mood because the Raleigh/Cary market would, without a doubt, support many of their stores, not just one.

map it

6/17 Note: There is a 3D model of the project posted at Google’s 3D Warehouse by Kimco Realty.


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  • Lisa Jeffries Said:

    “The incredibly boring, single unbroken strip design was far easier to navigate, and the public flocked.”

    I’m not sure that’s an entirely fair statement. Waverly Place and its design (which I’m still a fan of) is much more conducive to “lifestyle” shopping/dining/entertainment (park and stay a while) where as Wal-Mark and the Teeter are selling something completely different, to a different set of shoppers/purchasing decisions.

    IMHO, I’m excited to see what Waverly may become and would rather not see a Wal-Mart in the mix. It can stay across the street or leave altogether ;-)

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